Three sales reviews that caught my eye are summarized below. Here’s why top brokers think investors should sell these stocks next week:
After a hint Citihis analysts have kept theirs to sell Rating and USD 60.50 target price for this company’s nutritional supplement stock. This follows the release of a trade update at its AGM. While the company is happy with the progress Blackmores is making in cutting costs, it has concerns about the drop in sales. Given this and the increasing competition in Australia, it sees no reason to change its assessment anytime soon. Blackmores’ stock closed the week at $ 70.26.
Fortescue Metals Group Limited (ASX: FMG)
Analysts at Morgan Stanley have kept theirs Underweight Rating and $ 14.10 price target for the stocks of this iron ore producer. According to the note, Fortescue delivered a first quarter update that was largely in line with its forecasts. It is also noted that the company has maintained its guidance for fiscal year 2021. Still, it believes the company’s stocks are overvalued at current levels and holds its underweight position. Fortescue stock closed at $ 17.37 at the close of trading on Friday.
Pilbara Minerals Ltd. (ASX: PLS)
Another note from Citi shows that its analysts have retained theirs to sell Rating and 32-cent target price on this lithium miner’s stocks as per its quarterly update. Although the broker has raised its guidance for fiscal year 2021 to reflect the updated guidance from Pilbara Minerals, the broker remains concerned about weak lithium prices. Investors should wait for a significant rebound in lithium prices before considering investing. Pilbara Minerals shares ended the week at 42 cents.
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Returns from October 6, 2020
James Mickleboro, a contributor to the Motley Fool, has no position in any of the stocks mentioned. The Motley Fool Australia owns shares in Blackmores Limited and has recommended them. We fools may not all agree, but we all believe that considering a variety of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorized by Scott Phillips.
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